Copyrighted Image by: Reuters

NEW YORK - Amidst a broader market downturn, a Bitcoin whale has executed a significant transaction, withdrawing 700 BTC from Binance. This move, amounting to roughly $29.36 million, comes as Bitcoin's price fell below the $41,000 mark today. The average price at which the Bitcoin was withdrawn stood at $41,948 per coin, indicating a strategic purchase during the price drop.

In a similar vein, an Ethereum investor took advantage of the lower prices by acquiring 3,600 ETH, valued at approximately $8.9 million. The timing of the buy suggests a tactical decision, especially considering the investor's history of profitable Ethereum trades, which have previously netted an estimated $25.8 million in gains.

The cryptocurrency market has seen a notable decrease in trading volumes, with Bitcoin experiencing a significant drop. Ethereum's price has also declined in line with the market trend.

https://www.investing.com/news/cryptocurrency-news/bitcoin-whale-makes-strategic-2936-million-purchase-as-market-dips-93CH-3278721